We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

FDIC Loses Fight Over $30M In Imperial Capital Bankruptcy

Law360, New York (May 20, 2013, 3:05 PM EDT) -- A California judge on Thursday rejected a bid by the Federal Deposit Insurance Corp. to claim $30 million in tax refunds as the receiver of the failed Imperial Capital Bank, saying the funds belong instead to the bank's parent under the terms of a prebankruptcy contract.

U.S. District Judge Cathy Ann Bencivengo determined that Imperial Capital Bancorp Inc., the holding company of the failed bank, is entitled to the tax refunds because a tax allocation agreement between between the bank and its parent established a debtor-creditor...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.